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Qiwi Launches Russia’s ‘First’ Crypto Investment Bank

Posted on 2018-07-04

Subsidiary of Russian payment service provider Qiwi has launched the first crypto investment bank in the country to manage ICOs.

Qiwi Blockchain technologies (QBT) launched a crypto investment nicknamed "HASH", local news outlet Kommersant reported on 29th of June. QBT is a subsidiary of the leading payment service provider Qiwi in Russia.

HASH, built on a “classic investment banking model” according to Kommersant, will provide a platform for initial coins offerings (ICO). Yakov Barinsky, Chief Financial Officer (CFO) of QBT, stated that HASH would "help companies go through the phase of raising funds."

According to Kommersant, HASH plans to collaborate with international funds, which specialize in crypto investments. Barinsky claims that the company already works with ten such funds with the largest one that has a turnover of about 100 million dollars.

Barinsky also said that the HASH will provide crypto-trading services from next year after the company receives the license. The Russian government is set to pass its main crypto and blockchain- related regulatory bill on the 1st of July.

Founded in Moscow in 2007, Qiwi has become one of the largest payment service providers in Russia operating in Russia, Ukraine, Kazakhstan, Moldova, Belarus, Romania, the US and the United Arab Emirates. Recently, the company has been listed between 39 international companies, working with the R3 consortium to test their know-your-customer (KYC) app.

Qiwi branch QBT was established in March 2017 with 100 million rubles for funding (1.6 million dollars) for the development of internal blockchain products.

In July 2017, Qiwi, in collaboration with IT educator Scream School to open its own "Blockchain Academy”, which provides a monthly course for IT professionals focusing on the principles of blockchain and development of IT solutions based on it.